Venture Global (VG) -- Printing Money -- WSJ -- April 8, 2026

Locator: 50466VG. 

Link here. 

VG could be / will be "bigger" than Qatar and Cheniere.

Venture Global is positioned for a repeat (see linked article) scenario that could boost its ambition to not only surpass Cheniere, but also overtake Qatar, the tiny Middle Eastern nation that sits on some of the world’s largest gas reserves and has become an LNG juggernaut.

The Strait of Hormuz remains closed to most tankers, which has clogged LNG flows, and Iran’s missiles have crippled Qatar’s facilities that liquefy and ship natural gas. [The writer forgot to mention the damage to Qatar's export terminal / liquefaction capacity in Qatar due to the war; estimates: three years to get that terminal back to "normal."]

That has turned Venture Global’s available cargoes into a hot commodity. Unlike Cheniere, which sells most of its cargoes under long-term contracts, Venture Global reserves a large share of its volumes for spot markets, where prices can fluctuate widely. 

Golden Pass -- March 30, 2026

Locator: 50368QATAR.

Comment: this LNG story is really quite fascinating! 

Golden Pass (US export terminal) will more than make up for any LNG loss from Qatar the country, if I'm reading the links below correctly. How quickly the US becomes the largest LNG exporter. Truly amazing.

A reader sent me a note earlier today: how Europe has fallen so far behind in the energy producing sector; in fact, Europe has fallen even further behind in AI investment. Europe has become not much more than a tourist destination for Americans.

Link here. 

To be completed later, but here are the links:

• link here;
• link here; 
• link here. Link to the blog. 

 

Link here. 

Posted earlier:

Operation EPIC FURY -- This Is Starting To Get Serious -- For Saudi Arabia -- March 28, 2026

Locator: 50351SAUDI.

This could be incredibly serious for Saudi Arabia -- it's not as if Venezuela doesn't exist? 

For the US:

• The original objective: help Israel take out Iran's nuclear program. 
• The new objective: find an off-ramp.   

*******************************
Long Term

AI prompt: 

Are Exxon, Chevron, others seriously considering Venezuela now with threat of Strait of Hormuz being controlled by Iran as the new normal?

Reply: 

And this is heavy oil, highly coveted by US refiners. 

 

You know, this is very, very interesting. Trump said today that going into the "war," he expected markets to fall much more than they have, and he expected the price of oil to surge much more than it has. That still may happen.

 

But presidents are change agents and think strategically. If one starts connecting the dots, it sure seems like Trump, Rubio, etc., are spending a a lot of time thinking about the Monroe Doctrine and acting.

 

Cuba.

Maduro / Venezuela.

 

The Panama Canal / kicking China out.

Stopping renewal energy growth -- is determined to end windmills in America. 

 

In the big scheme of things, it doesn't take oil companies to turn things around pretty quickly if they want.

Look at the time line for the Bakken revolution. Less than a decade to go from zero to a million bopd. 

 

And that was pretty much all "unproven" going in.

Venezuela: "they" already know what Venezuela has. 

 

Ticker: CVX -- 30-year horizon -- 

 

Windfall profits tax? Not under this administration, but in 2029? Certainly likely. 

 

LNG:

• Cheniere: share price up 26% over six months;
• Venture Global: share price up23% over same six months;
• Reported yesterday: Cheniere's fifth train is now operational -- 

AI prompt:  

How does Cheneire's current LNG export capacity with 5th train now operational at Corpus Christi compare with VG's total export capacity?

Reply:  

Astounding! Is anyone paying attention? 

• Cheniere: by far and away, the largest at 50 mtpa;
• VG: seeks to be exporting twice that amount in less than four years (100+ mtpa) 

How Big Was The Vitol Deal For Venture Global? March 23, 2026

Locator: 50305LNG.

And CP2?

LNG US Export -- Post-Iran War -- March 23, 2026

Locator: 50304LNG.

Link here. 

LNG US export forecast, link here. 

************************
Back On Top In June

Link here. 

Venture Global -- RBN Energy -- One Year Ago -- Re-Posting -- March 14, 2026

Locator: 50222VG.

Compare this chart with the chart at the bottom of the blog.

*******************************
Re-Posting

This was from a year ago, January 29, 2025, link here: 

Locator: 48428RBNVG.

RBN Energy: assessing Venture Global's assets in the wake of its $1.75 billion IPO. Archived.

Venture Global put U.S. LNG on center stage after going public on January 24. The company, now listed as VG on the New York Stock Exchange (NYSE), launched one of the largest initial public offerings (IPO) in U.S. energy history. The IPO shares were priced at $25 each, raising $1.75 billion but valuing the company at $60 billion, a significant drop from the company’s initial target of up to $110 billion. While Venture Global was able to capitalize on some truly fantastic timing, going public just as President Trump took office and lifted the export permit ban, the market remains cautious about LNG and the energy sector. While Trump will certainly smooth the path at least somewhat to new LNG buildout, lawsuits and regulatory hurdles won’t simply disappear overnight. In addition to the general regulatory uncertainty facing the industry, there is also the matter of Venture Global’s contentious relationship with its original customers: Shell, BP and others have brought arbitration cases against the company that have yet to be resolved. In today’s RBN blog, we take a closer look at Venture Global, its assets and what its IPO says about U.S. LNG. 

Venture Global is one of the largest players in U.S. LNG, with the 10-MMtpa (1.32 Bcf/d) Calcasieu Pass operational, although still technically commissioning (more on that shortly); the 20-MMtpa (2.65 Bcf/d) Plaquemines LNG under construction or commissioning now; CP2 in the late stages of development and nearing a final investment decision (FID); and two more speculative projects to pursue after CP2. Between Calcasieu Pass and Plaquemines, the company will own and operate 30 MMtpa (4 Bcf/d) by the end of 2027, leaving it second to only Cheniere Energy when it comes to U.S. LNG output (see King Creole for more on the big three players in U.S. LNG). And with more projects in the queue, Venture Global is obviously shooting for Cheniere’s crown. All of Venture Global’s LNG projects use midscale modular technology rather than traditional large-scale trains, promising investors shorter construction timelines and requiring less startup capital to build these smaller, factory-fabricated, but scalable units.

Venture Global took FID on its first U.S. LNG terminal, Calcasieu Pass, in August 2019, although the project had been under construction since February of that year. The terminal has 18 mini trains, grouped into nine blocks, for a total nameplate capacity of 10 MMtpa (1.32 Bcf/d) and an expected peak capacity of 12.4 MMtpa (1.64 Bcf/d). Nameplate capacity is what is guaranteed by the design of the project by the engineering partners, but all LNG terminals have the ability to produce above that level. 

US LNG - This Is Truly Amazing -- February 25, 2026

Locator: 50051LNG.

Weather: wow, in the background, CNBC this a.m. -- it's still snowing hard in NYC!

LNG: link here. 

Cheniere To Significantly Increase Production At Its Corpus Christi, TX, Facility --

Locator: 49926TEXASLNGEXPORTTERMINAL.

I remember vividly the day I posted about the number of LNG export terminals planned along the US Gulf Coast -- many years ago. A reader reminded me that just because the terminals were planned did not mean they would built.

It's been comments like that, over the years, that have made my desire to keep posting the blog. The blog will continue -- the question is whether to keep posting. Whatever. Back to the subject at hand.

Cheniere Energy (LNG) announced in February, 2026, that it has filed an application with FERC to construct a new LNG plant in Texas. The project will expand LNG production capacity. Well, duh.

• location: Corpus Christi, Texas
• project: the "Stage 4" expansion of its existing terminal at that location
• will add four new liquefaction trains, two storage tanks, and a 26-mile pipeline
• capacity: will add a million tones per annum (MTPA) 

Update: the FID for Cheniere's "Stage 3" expansion announced in 2025; construction on that project was scheduled to last through 2030; budgeted at $8 billion. That project would only add two Midscale Trains 8 and 9. 

Most Amazing Factoid Of The Day -- GDP Around The World -- November 25, 2025

Locator: 49800GDP. 

GDP.

Saudi Arabia: per capita, $24,000.

Texas: per capital, $88,000.

 

California: per capital: $102,000 

California Fiscal Outlook: link here.

Texas LG Pipeline Buildout -- November 23, 2025

Locator: 49786TEXASPIPELINES.

Tag: Permian. 

Nothing new here but this helps me understand the numbers associated with NG, LNG, pipelines, etc.

Link here. 

See also a downloadable map at the Oil & Gas Journal: link here.

Another Texas Natural Gas Pipeline -- November 21, 2025

Locator: 49774EPD.

Link here. 

Ticker EPD:

Note: OKE is down 40% for the year; down 13% over the last six months.

***************************
The Book Page

The notes for this book at this site. 

Book for the weekend. Just arrived. Amazon. Published 2023. 

Author's bio. Something tells me this will be a history of Palo Alto of which few are aware. LOL. 

The author appears to be a bit farther to the left than Nancy Pelosi, and a bit crazier than Hunter S Thompson. This should be fun! 

North American LNG Export Facilities -- An Update -- EIA -- From December, 2024 -- Posted June 6, 2025

Locator: 48699LNG.

A reminder: the AI story is an energy story.

Another aha: the renewable energy story is driven by ideology. We'll explore the implications of that in a separate blog.

So, two energy truisms:

• the AI story is an energy story;
• the renewable energy story is driven by ideology.

Link here. 

Time period: end of of 2024 through 2028 -- essentially three years. 

North America looks to double LNG exports over the next three years -- most of it from the US:

Amount of exports from various export terminals:

Compare this chart with previous graphics. 

It's easy to forget that not many years ago, the US was a net importer of natural gas. From the 1970s through the 1980s, the US began importing LNG in small quantities due to energy crises (plural) and limited domestic natural gas supply.

Then, in the 1990s, extending into the early 2000s, imports increased, especially as domestic natural gas declined and demand rose.

"Early 2000s": important dates:

• the Bakken revolution began in the year 2000 with economic development of the Bakken began in the year 2000;
• the Bakken revolution took a great leap forward in the year 2007 with the "discovery" Bakken well in the Parshall oil field by EOG.
• the Bakken entered its "stride" in 2010 to 2012, at the same time the Permian was beginning to be developed.
• at the same, natural gas fields were being developed in the Haynesville, (Permian), (Eagle Ford), the Utica, and the Marcellus.

Update: Sempra's Port Arthur LNG Phase 2 -- Approved -- Biden's Pause Has Come To A Stop -- Another Trump Win -- May 29, 2025

Locator: 48715LNG.

The project at this link. Once completed, this webpage will probably disappear.

Link here. 

Sempra said Thursday the U.S. Department of Energy issued a permit allowing its Port Arthur LNG Phase 2 development project in Texas to export of up to ~13.5M metric tons/year of liquefied natural gas to markets in Europe and Asia. 

The Phase 2 project is expected to include two liquefaction trains capable of producing ~13M metric tons/year of LNG, which would increase the total liquefaction capacity of the Port Arthur LNG facility from 13M tons/year for Phase 1, which is currently under construction, to as much as 26M tons/year. 

Port Arthur LNG Phase 2, which still needs a final investment decision, is expected to export 1.91B cf/day once completed; Phase 1 is expected to begin exporting LNG in 2027. Based on the graphic below, it suggests Phase 1 is / was ahead of schedule.

Phase 2 is the first final LNG export approval under President Trump, who reversed the Biden administration's pause on project approvals.

From May 14, 2025: link here.

US LNG Exports -- Simply Staggering -- Random Update -- March 26, 2025

Locator: 48376LNG.

Link here. The graphic from 2016 is simply staggering.

Link here. Think about this. LNG Global counts (8+4+4+3+3+3+1) = 26 LNG vessels in one week..

Tech Investing; LNG Exports -- Plaquemines -- December 30, 2024

Locator: 44574TECH.

For those with traditional IRAs and turning 73 years of age or older in 2025, tomorrow is a most critical day.

On another note, link here: 

In a graphic like this, ticker symbols missing are as important than those on the list.

Intel, Oracle, Dell, QCOM, AVGO, Micron, META, AMZN are not on the list.

**********************************
Disclaimer
Brief Reminder 

• I am inappropriately exuberant about the US economy and the US market.
• I am also inappropriately exuberant about all things Apple. 
• See disclaimer. This is not an investment site. 
• Disclaimer: this is not an investment site. Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. All my posts are done quickly: there will be content and typographical errors. If something appears wrong, it probably is. Feel free to fact check everything.
  
• If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them. 
• Reminder: I am inappropriately exuberant about the US economy and the US market.
• I am also inappropriately exuberant about all things Apple. 
• And now, Nvidia, also. I am also inappropriately exuberant about all things Nvidia. Nvidia is a metonym for AI and/or the sixth industrial revolution.
  
• Longer version here.   
  

********************
LNG

Link here. 

Definitely Not A Manic Monday -- December 30, 2024

Locator: 44569B.

Some love for Linda Lavin, link here:

LNG update: with Cheniere's 1.4 Bcf/d Corpus Christi III (#8) now on line, what's next:

• QatarEnergy/ExxonMobil’s 2.4-Bcf/d Golden Pass LNG (#9) in Sabine Pass, TX, which will start coming online in the first half of 2025; 
• Sempra's 0.43 Bcf/d Energía Costa Azul (ECA) LNG Phase 1 in west Mexico, to start up in spring, 2026 (this is a delay, had been scheduled to go online summer of 2025); update, June 6, 2026: production has begun. Links everywhere.
• NextDecade Corp.’s 2.3-Bcf/d Rio Grande LNG (#10) in Brownsville, TX, starting up in 2027; and,
• Sempra and ConocoPhillips’s 2-Bcf/d Port Arthur LNG (#11), coming online in 2027-28.

*********************************
Back to the Bakken

WTI: $71.05.

New wells reporting:

• Tuesday, December 31, 2024: 51 for the month; 154 for the quarter, 682 for the year
• None.
• Monday, December 30, 2024: 51 for the month; 154 for the quarter, 682 for the year
• None.
• Sunday, December 29, 2024: 51 for the month; 154 for the quarter, 682 for the year
• None.
• Saturday, December 28, 2024: 51 for the month; 154 for the quarter, 682 for the year
• 40731, conf, Rockport Energy, Camden 10-3 3H,
• 39499, conf, Enerplus, Brown Bear 158-99-36-25-5H, 
• 37664, conf, BR, Kellogg Ranch 1A TFH, 

RBN Energy: Gray Oak stands out as the only Permian crude pipeline to greenlight an expansion. Archived.

As crude oil production in the Permian continues to grow and pipelines from West Texas to the Gulf Coast edge closer to full utilization, it’s becoming a challenge for producers and shippers alike. Amid this capacity crunch, one pipeline stands out as the only one with a detailed expansion plan: the 850-mile, 900-Mb/d Gray Oak Pipeline from West Texas to Corpus Christi and Sweeny, TX, which started up in late 2019 and became fully operational in early 2020. In today’s RBN blog — the latest in our series on Permian crude oil pipelines — we discuss Gray Oak Pipeline’s dynamic story, including its shifting ownership, strategic connectivity and expansion plans.

In Part 1 and Part 3 of this series, we looked at Longhorn Pipeline and BridgeTex Pipeline, respectively, and what ONEOK has accomplished with these systems since it acquired Magellan. In Part 2, we looked at EPIC’s Crude Pipeline to the Corpus Christi area, which has been operating at full capacity. Today, we’ll cover Gray Oak.

We’ll begin by noting that Gray Oak started up shortly before crude oil demand cratered as the pandemic hit. In response, Permian producers shut in a significant amount of production during the summer of 2020. Additionally, two other new Permian pipelines — also to Corpus Christi — started up during the second half of 2019: Plains All American’s Cactus II (585 Mb/d) and EPIC Crude (400 Mb/d, expanded in 2020 to 600 Mb/d), resulting in a glut of crude pipeline egress.

Despite these challenges, Gray Oak’s outflows quickly ramped up throughout 2020. As shown in Figure 1 below, Gray Oak has operated near its 900-Mb/d capacity (dotted horizontal black line) for some time now. Earlier this year, Gray Oak Pipeline LLC sanctioned a 120-Mb/d expansion following a successful open season. Contracted volume commitments of 80 Mb/d start in April 2025 and one year later another 40 Mb/d is committed to the pipe. Gray Oak could offer early service for new or existing shippers if capacity is desired sooner.

 

Figure 1. Gray Oak Outflows. Source: RBN Crude Oil Permian

The ownership journey of Gray Oak Pipeline is complicated, to say the least. When the project was in its planning stage, Phillips 66 (P66) held a 75% stake and refining company Andeavor owned the remaining 25%. In 2018, Marathon Petroleum acquired Andeavor for $23 billion, inheriting its 25% stake in Gray Oak (box #1 in Figure 2 below), along with a similar stake in the South Texas Gateway (STG) export terminal in Ingleside, across the bay from Corpus. (More on that later ­— spoiler alert: STG’s traded hands a couple of times since then.) We should note that Andeavor and its old Andeavor Logistics master limited partnership (MLP) had its own intricate corporate history with Marathon and its MPLX unit.

Much, much more at the link. 

*********************************
Cheniere

December 30, 2024: Cheniere produces first LNG at Corpus Christi, stage III, link here.

April 16, 2024, flashback:

From RBN Energy, today: new JV's focus is moving Permian natural gas to LNG export terminals. Archived here.

Projects already approved / permitted by the US government ...  expected to increase U.S. LNG export capacity to about 25 Bcf/d from the current 14 Bcf/d.

Of that 11 Bcf/d of incremental capacity, more than 8 Bcf/d will be sited along the Texas coast.

These projects include Cheniere Energy’s 1.4-Bcf/d Stage III at Corpus Christi LNG, which is scheduled to begin starting up late this year; QatarEnergy/ExxonMobil’s 2.4-Bcf/d Golden Pass LNG in Sabine Pass, TX, which will start coming online in the first half of 2025; NextDecade Corp.’s 2.3-Bcf/d Rio Grande LNG in Brownsville, starting up in 2027; and Sempra and ConocoPhillips’s 2-Bcf/d Port Arthur LNG, coming online in 2027-28.

All the way back to 2017: